Fuel price cut: Wait and watch, says IOC

 With the prices of crude oil in the international market dipping, the Indian Oil Corporation (IOC) on Wednesday said that it is in the process of evaluating continuously before taking final decision to further reducing the prices of petrol and diesel.

“Everyday, there is a change in the international prices of crude oil. Whenever it varies, we will take a call on it at that point of time,” IOC Chairman B Ashok told reporters.

Asked about the possibility of further reduction in fuel prices due to drop in crude pr
ices, he told reporters that IOC will evaluate on a daily basis, factor them and take an appropriate decision at the right time.

Referring to the recent cut in prices of petrol and diesel, the official said, “The oil companies have announced good drops in the last one-and-a-half months.”

On the rumours of possible hike in LPG prices after the Centre fixing the subsidy cap of Rs 20, Ashok said, “We will wait and watch.”

According to him, the subsidy will go directly to the customers account. “We have not received any information so far on government fixing the cap at Rs 20 as subsidy,” he added.

On automation of retail outlets of petrol bunks in the cities, he said that the IOC was focusing on city-based automation in all the petrol bunks in all the major cities.